10302023 BUSINESS

business@tribunemedia.net

MONDAY, OCTOBER 30, 2023

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$111m ‘quantum leap’ for CLICO’s creditors

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net CLICO (Bahamas) liquidator has been given the authority to accept a $110.827m settlement that could fully repay all debts owed to policyholders, creditors and the Government.

Chief Justice Sir Ian Winder, in what was hailed yesterday as a potential “quantum leap forward” for the insolvent insurer’s longsuffering victims, has given Craig A. ‘Tony’ Gomez, the Baker Tilly Gomez accountant and principal, the go-ahead to accept the sum offered by liquidators for its Trinidad-based parent, CL Financial.

“The official liquidator be at liberty to accept the amount of $110.827m adjudicated by the official liquidators of CL Financial on CLICO (Bahamas) proof of debt filed on May 16, 2018, in CL Financial’s liquidation,” the Chief Justice wrote in a July 24, 2023, Order filed with the Supreme Court.

t #BIBNBT MJRVJEBUPS BXBJUT IVHF 5SJOJEBE QBZPVU t $PVME QPUFOUJBMMZ NBLF QPMJDZIPMEFST (PW U XIPMF t #Z NPSF UIBO DPWFSJOH JOTVSFS T N JOTPMWFODZ The nine-figure sum represents a settlement of CLICO (Bahamas) claim against its Trinidadian parent, which is being wound-up in the latter country’s courts. CL Financial had guaranteed $58m, or 79.5 percent, of the monies its Bahamian subsidiary had advanced to another group entity, CLICO Enterprises, which subsequently defaulted on the loan repayments.

SIR IAN WINDER

CRAIG GOMEZ

Mr Gomez, as CLICO (Bahamas) liquidator, had argued that the insolvent Bahamian insurer was a secured creditor of CL Financial. The $110.827m represents the claim that the latter’s liquidators have accepted as owing and agreed to pay, with that offer understood to have been made in writing and now approved by both the Bahamian liquidator and Supreme Court.

The funds, though, have yet to be paid as CL Financial’s liquidators are still assessing the merits of other claims against the pan-Caribbean

SEE PAGE B4

LAND ownership rights will become much clearer and accessible to all Bahamians if the Government follows through in its Speech from the Throne pledges, a long-time reform advocate says.

Sharlyn Smith, senior partner at the Sharon Wilson & Company law firm, told Tribune Business in a recent interview that it had been “wonderful” to hear governor general, Cynthia Pratt, reveal the Davis administration’s promise to enact land registration legislation during the new session of Parliament.

“One long-standing issue that our government will address in the upcoming legislative session is the security of property ownership,” the governor-general said in a little-noticed aspect of the speech. “My government will do what many previous administrations have promised: It will enact appropriate legislation to deal with land registration and the adjudication of disputes.”

Describing land registration, and a system of registered land, as “clearly needed” given previous estimates that ownership of up to half the privatelyowned land in The Bahamas is in dispute, Mrs Smith said

SEE PAGE B7

‘6,000% important’ ArawakX crowd-fund void filled swiftly

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A LONG-TIME crowd funding advocate says it is “6,000 percent important” that another platform replace ArawakX if it is wound-up, adding: “The void has to be filled immediately.”

Mark A Turnquest, the 242 Small Business Association’s founder and an adviser to the sector, told Tribune Business he had two clients “ready to go” and seek millions in investor equity financing via ArawakX when the Securities Commission’s bid to wind-up the platform for

MARK TURNQUEST alleged insolvency and regulatory breaches broke.

While ArawakX’s fate remains to be decided by the Supreme Court on November 13, he argued it was vital that crowd-funding in The Bahamas not die with it because the concept

SEE PAGE B8

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Contractors chief fears: ‘We’re often last choice’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Land reform: ‘It’s never too late to do right thing’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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THE BAHAMIAN Contractors Association’s (BCA) president says he does not have “much hope” local firms will win significant work on major upcoming projects, adding: “We’re often the last choice.”

Leonard Sands told Tribune Business that while Bahamian contractors “should have first shot at any work inside the country” this is rarely the case with large-scale foreign direct investment (FDI) projects that usually “find ways not to use Bahamians”.

He spoke out as Greython Construction, a US-headquartered contractor with offices in California, Missouri, Connecticut and St Lucia, revealed that bid documents for work on Carnival’s new $500m Grand Bahama cruise port, Celebration Key, will be released to sub-contractors,

vendors and suppliers in November and December 2023.

Greython, which appears to be either the primary contractor, project manager or combination of both, revealed on social media postings that requests for proposal (RFP) will be issued in no less than 30 areas including excavation for building foundations; asphalt; concrete, rebar and formwork foundations; masonry block; cabinetry; electrical; fire alarm and fire protection; plumbing; carpentry; and moisture protection.

The notice, which has been seen by Tribune Business, discloses that Greython Construction has already opened a Grand Bahama office at 19A Peel Street in Freeport, news of which prompted Mr Sands to again hit out at the failure to properly implement and execute the Construction Contractors Act that

SEE PAGE B6

PAGE 2, Monday, October 30, 2023

THE TRIBUNE

North Andros hopeful on ‘greener’ BPL plant

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net BAHAMAS Power and Light’s (BPL) pledge to construct a hybrid or renewable power plant on North Andros could bring more investors to the island, its Chamber of Commerce president said yesterday.

Darin Bethel voiced concerns over how the project will be financed as he confirmed that electricity costs in North Andros are “strenuous” on businesses.

He added that if these were reduced more investors may find Andros an appealing location to relocate to.

He said: “I would like to I think it’d be good for North Andros if the initiative can turn into lower electricity bills, which will make Andros more attractive to investors. The electricity bill is a very strenuous cost to any business in Andros right now. If our electricity bills are lowered, perhaps 50-70 percent, we can promote that and make Andros

appeal more to local Bahamian investors.”

BPLs chief executive, Shevonn Cambridge, last week said the utility is eyeing “more of a greener solution” to replace North Andros’ power plant in a project that will take 18 to 24 months.

In response, Mr Bethel said that while the initiative can yield great benefits it can also become a “burden” to the Bahamian people if the Government finances the project with debt.

He said: “The benefits from a project like this can

be great, but if the Government has to borrow this money, because they previously said they did not have the funds, I have concern that it will add to the already high level of national debt and they will simply tax the funds out of us in some way.”

“I would hope that electricity rates decrease, but they may want to charge us the same basic rate, because of the other overhead expenses and to repay the cost of the plant. It should lead to lower electricity rates, otherwise it really doesn’t benefit us because we would have endured this long period of time with

inconsistent electricity and high bills without any type of compensation.”

North Andros has been plagued with electricity woes since a fire destroyed BPL’s power plant in July. Mr Bethel said business owners and residents are frustrated by the frequent outages and “just trying to find ways to cope”.

He said: “People are so frustrated they are tired of complaining.

Businesses have been coping with it and making adjustments to try to avoid losing goods.

Some reduced the amount of perishables they bring in, many have bought

generators. Businesses are just trying to find ways to cope.”

Mr Bethel added that he is hopeful the new plant is constructed within the promised 18-24 month timeline, and that Andros can demonstrate The Bahamas is committed to ensuring a more climatefriendly future.

He said: “I’m hoping for not just a switch from one type of power generation to another, you know. Let North Andros also be a model for what The Bahamas can do as we move forward into renewable energy and climate efficiency.”

Bahamian understudy was ‘always’ work permit policy

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE HEAD of the Government’s newlyappointed Immigration Commission yesterday said it has always been policy for employers to identify a Bahamian understudy when applying for work permits.

Alexandra Hall told the Office of the Prime Minister’s weekly media briefing that there will be no changes to the requirement for employers to obtain a labour certificate, confirming there are no suitably qualified Bahamians available and willing to do the work, before they can apply for a work permit.

She said: “There are certain policies in place, and one of the discussions we’ve had in terms of the committee is that it

may be important for us to encourage persons with the Department of Labour and Department of Immigration to advise the public on what’s in place, because a lot of times we don’t know what the requirements are for work permits that already exist.”

Pia Glover-Rolle, minister for the public service and labour, said in September that, in order to apply for a work permit, employers will have to identify a Bahamian understudy first to eventually take over from the expatriate hire.

The Immigration Commission will primarily be tasked with making recommendations on legislative reforms and gathering stakeholder recommendations on what the Immigration regime should look like in a modern Bahamas.

Ms Hall added: “We are only a committee, and we are not the Government, so we can only make recommendations. So even if any recommendations are made, it will be up to the Government to determine whether or not they can act on it.”

Prime Minister Philip Davis KC served notice of his government’s intentions in the Speech from the Throne debate, where he promised his administration will take the “biggest step taken to protect Bahamian workers since the introduction of Bahamianisation policies” through the launch of the Department of Labour’s Notice of Vacancy unit.

It will have responsibility for ensuring Bahamians are appointed to understudy expatriate workers so that they can be trained, and are ready to replace them, when work permits expire.

“It’s not just about the number of opportunities we create for Bahamians either, but about the quality of those opportunities. No qualified Bahamian is interested in remaining at the entry level for their entire

career. No Bahamian professional who has invested time and money into selfdevelopment and education wants to hit an impenetrable glass ceiling that sees them stuck in the middle of the corporate structure,” he said.

“Our people deserve pathways to unimpeded career growth based on their qualifications, experience and performance.

If you have conversations with employees at various companies, like I have, you will hear the stories of head bartender, club manager and housekeeping manager posts that have been monopolised by foreign hires.

“We’re not talking about rare or unique skill sets here. There are Bahamians who are currently qualified for these posts and preparations should be made for them to step into these roles,” he added. “But even in the case of specialised and high skills roles, with few exceptions, there should be Bahamians identified and trained to fill those roles, too,” Mr Davis continued.

“This is not up to the discretion of the employer; this is a matter of policy – it is not optional. Unfortunately, for many years, this has not been the case. Not only has enforcement not been prioritised, there were no personnel assigned to enforce our laws.

“This is why we are now launching a new Notice of Vacancy Unit at the Department of Labour, which will ensure that the law is enforced. Our people rely on their government to protect them, and this Unit will step in to ensure that in instances when an employer hires a non-Bahamian, a Bahamian understudy is identified and is actively being trained.

“Eventually, in accordance with that training plan, the Bahamian will be elevated to that role, eliminating the need to fill the role with a non-Bahamian.”

PROMOTION BOARD CHIEF TO RECEIVE LEADERSHIP AWARD THE NASSAU Paradise Island Promotion Board’s (NPIPB) chief executive, Joy Jibrilu, will be honoured at the 2023 Caribbean Media Exchange (CMEx) Leadership Awards and Fundraiser in December.

The awards honour individuals in the tourism, hospitality and communications sectors who have

SEE PAGE B9

JOY JIBRILU

THE TRIBUNE

Monday, October 30, 2023, PAGE 3

BAHAMAS ‘ON TRACK’ TO EXPAND AIRLIFT BY 15%

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net THE DEPUTY prime minister yesterday said The Bahamas is “on track” to increase airlift capacity into the destination by 15 percent this year through the addition of several new routes.

Giving the keynote address at Aviation Week’s opening ceremony, Chester Cooper, who is also minister of tourism, investments and aviation, added that this nation will also increase tourism visitor numbers

by 20 percent compared to 2019’s pre-COVID figures.

He said: “One of the important components of the growth of tourism, and the growth of our economy generally, is an increase in airlift and the improvement in connectivity. We are improving this year our overall capacity by at least 15 percent. And I’m pleased to report that we are well set and on track to do so.

“As it relates to tourism, we forecasted a 20 percent growth ahead of what we’ve done in 2019, and I want you to know that we’re beating that as well”

CHESTER COOPER Mr Cooper said several new routes to New Providence and the Family Islands have already launched while others are

Abaco water supplier rebrands its identity

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net AN Abaco-based atmospheric water provider has changed its name in a bid to better differentiate itself from rivals amid strong sales growth.

Neil Aberle, principal of Celestial Waters, told Tribune Business the rebrand from Air2O Bahamas was much-needed as the latter name was viewed as too difficult for customers to remember and identify with.

“We make water from the air. It’s a process called atmospheric water generation and it takes the humidity right out of the air, just like a big dehumidifier.

And the water that that we make through this process is absolutely from some of the cleanest air in the world. It is just pure, clean water. It’s just amazing,” he said.

Mr Aberle added that sales on Abaco are growing amid the continued post-Hurricane Dorian rebuild. “Hope Town and Elbow Cay are particularly seeing a strong rebound,” he said.

“There is a lot of new construction. New homes are popping up everywhere, and a renewed interest in the island is definitely coming back. Marsh Harbour, things are looking pretty good.

Green Turtle Cay and Guana Cay are coming back nicely.

Sales are great. We have an establishment on Elbow Cay and we have seen our sales increase every year.”

Mr Aberle and his wife, Rachael, as Celestial Waters’ founders have been involved in atmospheric water generation since 2020, when the idea of using the technology was conceived in the aftermath of Hurricane Dorian as a direct response to combat climate change.

It was designed to eliminate the use of single-use plastic bottles, as the company’s products are only distributed in reusable bottles and containers.

Its current operation is based in Elbow Cay, where it primarily caters to the local, second homeowner and tourist markets on the island. Celestial Waters has established a water depot and offers delivery service throughout the island, eliminating the need for customers to transport heavy

water bottles to their homes or businesses.

The company offers both 100 percent pure Celestial Water and Alkaline Celestial Water, with added minerals and electrolytes for even greater health benefits.

Mr Aberle said: “Celestial Waters is an ideal solution for The Bahamas as it can be produced wherever it is needed from a practically unlimited resource; the air that is all around us. This not only eradicates the expensive transportation of water bottles and its associated high carbon footprint, but also eliminates waste plastic and the costs related to its disposal.”

The company sold more than 35,000 gallons of water last year, which was branded a “significant achievement” for a small water manufacturer on Abaco that only sells drinking water. “We are super excited about this rebranding as we plan to take Celestial Waters around to the other islands and expand our business,” Mr Aberle said.

“We are targeting January 2024 for franchising throughout The Bahamas where we put a Celestial Waters facility right on their premises.

expected to begin within the coming months.

He said: “You should expect the unveiling of many new flights from many major cities around the world - American Airlines, Miami to Eleuthera, February 2024; Alaska Airlines - Seattle and LA to Nassau beginning early December; Bahamasair, Raleigh, North Carolina, to Freeport, Grand Bahama, with ongoing service to Nassau being reinstated within the next two weeks. Bahamasair, Fort Lauderdale to Exuma, starting November 15.

“Delta Airlines for the very first time offering services from Miami to Nassau.

Delta Airlines, Atlanta to Marsh Harbour, resuming this fall. JetBlue, LA to Nassau, starting November 4. Silver Airways introducing two new non-stop flights out of Orlando, Florida, to Eleuthera and Abaco with more to come. And JetBlue announcing daily direct flights to Nassau from LaGuardia International Airport in New York earlier this year that should resume soon.”

Hanna Swift, Virgin Atlantic’s country manager for the Caribbean, said the airline is increasing capacity into the Northern Caribbean by expanding the number of flights into

Nassau and Turks and Caicos.

She said: “Next week, we are increasing our capacity and we are increasing our number of flights out of Nassau into the UK to three times a week, Tuesday, Thursday and Sunday.

[Flights can carry] up to 20 tons of cargo. So if you are importing or exporting, you know to give us a call. “[We’re] going to start flying to Turks and Caicos, so that launches four times a week into Providenciales.

Very excited for that as well, extra capacity into the Northern Caribbean.”

Entrepreneurship ‘not for the weak of heart’

designer. That’s what he called me to do. I’m here to make women feel beautiful.”

Designing creative products for persons who need them gives Ms Curry-Williams a sense of fulfillment like nothing else in the world. She said: “You have to go through some things, and this is why God keeps blessing me with customers coming through my doors. This is what God has given me, and I stick through with it to the end because I can see the fruits of my labour.”

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A FASHION house owner says “entrepreneurship is not for the weak at heart” but urged those in business to stay the course once they know they have a dream and purpose. Jillian CurryWilliams, owner/operator of Remilda Rose Designs, told Tribune Business during the recent Bahamas Telecommunications Company (BTC) Iknowvation forum that entrepreneurs have to be “prepared” for the many days when they will sit in their office without generating a single sale.

S“But if you know God has given you a gift, then you must work on it and, once you work at it, you will see your way through,” she said. “I’m not saying that there will not be bumps or bruises, but you have to pick yourself back up.”

Ms Curry-Williams said founding a specialised line of clothing for women suffering from cancer, as well as those undergoing cancer treatment, is one way in which she gives back to the community and wider society.

“I knew fashion was for me. My mother tried to sway

me and tell me other kids were doing something society deemed more acceptable and normal, but I wasn’t interested in that. I was focused on what I wanted and nobody could sway me,” she added.

“I’ve had my ups and downs, but I have stayed true to who I am and to what God has called me.. as a fashion

PAGE 4, Monday, October 30, 2023

THE TRIBUNE

$111m ‘quantum leap’ for CLICO’s creditors FROM PAGE B1 financial conglomerate which collapsed in early 2009. CLICO (Bahamas) and its policyholders/ creditors now have to “sit and wait” to see if their approved claim comes through, amid expectations it will likely be paid some time in 2024.

While major claims in the long-running CL Financial liquidation have likely been accounted fir already adjudicated, there remains the

possibility that something unexpected may arise at the last minute that could throw both the entire process and the payout to CLICO (Bahamas) off-track.

However, should the full $110.827m materialise, it would seemingly more than fill the $68.369m solvency deficiency shown in CLICO (Bahamas) accounts in the last report to the Supreme Court by Mr Gomez.

The report, covering the six months to end-June 2022, shows the insurer’s

$29.366m worth of assets are dwarfed by $97.735m in liabilities.

The bulk of those liabilities, some 62 percent, represent $60.552m due to policyholders and the Government. The latter previously stepped into CLICO (Bahamas) shoes and has, since the last Christie administration, been making payouts to policyholders who assigned these contracts to the Government. This means the latter now stands in their place

and will be compensated by the liquidator’s recovery.

Mr Gomez remains gagged by the Supreme Court in his role as CLICO (Bahamas) liquidator and is unable to speak publicly.

However, sources familiar with a liquidation that has now lasted 14-and-ahalf years said there is now hope he can recover the majority - if not 100 percent - of what is owed to remaining policyholders and the Government.

“They believe they would have sufficient to make good and full policyholder claims,” one source, speaking on condition of anonymity, told this newspaper once the settlement from Trinidad is paid. “They are not looking for cents on the dollar. They are looking for the full amount.”

Simon Wilson, the Ministry of Finance’s financial secretary, told Tribune Business in June 2023 that the Government had slowed down payouts to former policyholders because the Government is hoping to “shortly make a major announcement on CLICO”.

He declined to go into details at the time on the basis it would be premature to do so, but said: “I think we should be in a position to make a major announcement on CLICO shortly.

I just want to be cautious and not move prematurely.

That’s one of the reasons we’ve slowed down the payouts.” It is understood, though, that Mr Wilson was referring to the impending settlement from CL Financial.

Hundreds, and possibly thousands, of CLICO policyholders stand to benefit if that payment comes through. Bishop Simeon Hall, who was among those impacted by the life and health insurer’s 2009 implosion, told Tribune Business of the potential nine-figure payout: “That’s good news.

We could always use the good news. Christmas is coming.

“That’s commendable. It lifts those of us who sometimes doubt whether we can get justice in the land through the court system.

This reassures us that can still happen. It’s a quantum leap forward for those who were waylaid by this debacle. I’m sure those persons who got absolutely nothing will be very encouraged.

That could go far. I have to check into that. That’s good news for those who got absolutely nothing.

“To be honest, what is most sad is that there were persons who died and got

no response from CLICO. Maybe their families should get involved. I want to encourage them to seek legal recourse to see if they can capture some of that. I want to encourage everyone who lost money to take legal action and get their money back.”

Bishop Hall, describing the impact of CLICO (Bahamas) collapse on its policyholders and clients as “so sad”, argued bluntly: “It should never have happened. We need to find ways, when investors come to the country - invite them, yes - but they should put up some money in abeyance, as a bond, in case this happens.

Fourteen years later and we’re still fighting.

“The poor people who put money into this multinational institution should not suffer. We need the Government’s protection. I was among those of us who put that money there for my retirement, and that’s church money. It just takes so long. Justice delayed is justice denied.”

Tribune Business understands that CLICO (Bahamas) liquidation estate, and its policyholders/ creditors, could also benefit from a further $30m held at CLICO Enterprises. This represents funds that Mr Gomez, in his capacity as liquidator, recovered from the sale of the Wellington Preserve real estate project in Florida and are now waiting to be upstreamed to the insolvent Bahamian insurer.

That would take total recoveries to $143m The rejection of an $18.734m claim against CLICO (Bahamas) from its Suriname affiliate earlier this year will also benefit the recovery for Bahamian policyholders. The Supreme Court verdict confirms that the Suriname affiliate ranks below them in the creditors queue, and also sets a precedent over similar claims by CLICO’s Guyana affiliate.

Together with Suriname, these recovery claims are understood to collectively total $54m, but they have now been pushed down below Bahamian creditors who will take precedence and priority over them.

Explaining the origins of the near-$111m settlement with CL Financial, Mr Gomez wrote in his last report to the Supreme Court: “During the period from December 2003 to December 2008, CLICO (Bahamas) made advances to CLICO Enterprises in the amount of $73m.

“These funds were sent to various subsidiaries of CLICO Enterprises

and other service providers on behalf of CLICO Enterprises to pay ongoing expenses, inclusive of capital expenses, in particular to Wellington Preserve, a US company.

“A substantial amount of these advances were guaranteed in April 2008 by the parent company, CL Financial, in Trinidad.

CLICO Enterprises has defaulted on its obligation to repay these funds and I am now actively pursuing the enforceability of the CL Financial ($58m) guarantee to CLICO (Bahamas).”

Confirming CLICO (Bahamas) had filed a claim “as a secured creditor” in CL Financial’s liquidation, and provided proof of debt, Mr Gomez added: “Based on the guarantee, CL Financial agreed that in consideration of CLICO (Bahamas) from time to time extending credit to CLICO Enterprises, that CL Financial guaranteed the repayment and discharge of all monies and liabilities due.

“It is my view that the CLICO (Bahamas) liquidation has a strong claim, which supports the liquidator incurring the costs of pursuing this claim against CL Financial.” BAF Financial is currently managing the CLICO (Bahamas) life and pension policies that remain in force.

For those that were assigned to the Government, all surrendered policies, death benefits and CLICO (Bahamas) staff pensions are to be paid in full. Annuity holders and pension beneficiaries were to receive a maximum $10,000, with the balance supported by a seven, ten or 15-year promissory note and interest paid on these quarterly.

Mr Gomez was appointed as liquidator after (CLICO) Bahamas was placed in Supreme Court-supervised liquidation in April 2009 following the financial difficulties that engulfed its Trinidad-based parent, CL Financial, which was chaired by Lawrence Duprey.

Despite findings that CLICO (Bahamas) broke Bahamian exchange control laws, plus other rules and regulations, with its investments in the Wellington Preserve real estate project in Florida, nobody has been held accountable or responsible for a corporate failure that impacted the domestic economy and hundreds of lower and middle income earners.

THE TRIBUNE

Monday, October 30, 2023, PAGE 5

Crypto on the front foot payments in Bitcoin in 2021. Elon Musk quickly stopped this payment option, however, citing the enormous energy consumption involved in the creation of the currency.

The majority of large corporations, including those in the automotive industry, have so far stayed

By CHRIS ILLING CCO @ ActivTrades Corp THE DIGITAL currency, Bitcoin, is making strong gains and traded temporarily above the $35,000 mark last week. One reason for the price surge is speculation about a first “direct” Bitcoin exchange-traded fund (ETF).

Last week Tuesday, Bitcoin hit its highest level since May 2022 at $35,172 in early trading. And last Friday, the most significant cyber currency was trading at around $34,000. This was approximately 8.5 percent more than the previous week. Other digital currencies, such as Ether or Tether, also rose.

The crypto currency benefited from the increased volatility in the markets as well as speculation about the launch of a Bitcoin

spot ETF in the US for the first time. The hope for the final approval of a Bitcoin exchange-traded fund is fuelling the hopes of investors worldwide.

The launch of a spot ETF on Bitcoin is considered an important step towards further spread and acceptance of the digital currency.

The fact that the digital currency is enjoying increasing popularity is also evident at Ferrari.

The Italian luxury sports car manufacturer is now accepting crypto currency

payments in the US. Following the wishes of its wealthy customers, the virtual currency will soon be accepted in Europe as well.

The decision was made because customers and retailers were increasingly asking for this option. The car prices will not change, since there are no fees and no mark-ups when you pay with crypto currencies, said the director of marketing for Ferrari.

The US electric car manufacturer, Tesla, had temporarily accepted

away from crypto currencies as the volatility of Bitcoin and other tokens makes them impractical for trading. Patchy regulation and high energy consumption have also prevented the proliferation of crypto currencies as a means of payment. The often-dubious origin of money has

also slowed down its spread in the business world. In the case of Ferrari, the payment processor BitPay is chosen to handle the payments and instantly convert crypto currency payments into traditional currencies on behalf of Ferrari’s merchants.

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Halsbury Chambers is seeking a

Legal Secretary with the following experience: • Five (5) years litigation/commercial/probate experience.

• Applicant must be able to work on their own initiative.

Please send resumes to carolyn.adderley@halsburylawchambers.com

PAGE 6, Monday, October 30, 2023

THE TRIBUNE

CONTRACTORS CHIEF FEARS: ‘WE’RE OFTEN LAST CHOICE’ FROM PAGE B1 was passed by Parliament in 2016.

He pointed out that, if the Act’s system for licensing and registering contractors was in place, along with the Board to oversee and enforce it, Greython would first have to obtain the latter’s permission and the necessary licence authorisation to enter The Bahamas and perform the work it is doing for Carnival.

Asked how much Bahamian contractors stand to benefit from both Carnival’s project, plus the likes of the Grand Bahama Shipyard’s $600m expansion, Mr Sands told this newspaper: “I really

don’t have much hope. I don’t understand how that impacts Bahamian contractors in any way, shape or form until such time as we have information that suggests they’ll be engaging Bahamian contractors. We don’t know that.

“We can assume, but that has not proven to be the reality. We’ve often found with these foreign direct investment (FDI) projects that they say they will use Bahamians and then find ways not to use Bahamians.

We’re not moved by Carnival or the Shipyard. They’ve not reached out to the BCA at all. They’ve not made any inquiries, and we don’t know

about the projects and what the requirements will be.

“The only thing I suspect they’ll do is contact the Department of Labour for workers. We’re the BCA. We represent contractors.

But the Department of Labour will reach out to us and say: ‘Can you circulate this to your members? We are a body made up of Bahamian contractors,” Mr Sands added.

“We should have first shot at any work inside the country, but we’re often the last choice.” The Act to regulate the construction industry was passed into law in 2016 with now-prime minister, Philip Davis KC, the

then-minister of works, the Cabinet member primarily responsible for bringing it to Parliament.

However, it has never been brought into practical effect because the joint public-private sector Board that is supposed to oversee the industry’s self-regulation, and the licensing/certification of contractors according to ability and scope of work performed, has never been appointed.

The initial “grandfathering in” period for all pre-existing contractors under the Act also expired in 2018 and now has to be reset. This period was designed to give all contractors wishing to practice sufficient time to apply to the Board to be registered and licensed.

As a result, the Bahamian construction industry remains arguably the largest and most important sector not to have its own regulatory body or licensing criteria that would help set industry standards and qualifications.

And there is nothing to signal to foreign developers and project managers what scale and scope of works

each Bahamian contractor is capable of performing, plus their experience.

When informed about Greython’s role, and office in The Bahamas, Mr Sands said the Construction Contractors Act “says they need to seek approval first and get licensed” before starting operations, but this is impossible because the Board has never been set up and appointed.

“We have in The Bahamas, on Bahamian soil, this entity from outside The Bahamas engaging in work inside The Bahamas,” he added.

“This is our whole issue.

This is why the Construction Contractors Act needs implementing properly. This is the main story.

“As part of the law, everybody should get a licence to do construction in The Bahamas. From 2016 that was the law. We are allowing foreign investors and their agents to say they will be doing work in The Bahamas without a licence. This is where the BCA stands on its footing in demanding the Government stop acting against the

Bahamian people and ensure the law is followed.

“This underscores the singular reason why the Act is in place, but it is not followed because the Government of The Bahamas is holding up action that needs to take place under the law. The Board can revoke licences, take action if someone is operating outside the law, but there is no Board,” Mr Sands continued.

“Who do you submit a complaint to without a Board? There is no agency to complain to about a breach, and you cannot complain to the Board because it is not in place to bring an action.

They cannot go to the Commissioner of Police and say we need you to stop work on that site. The Government needs to address this. The Government needs to fix it.”

Grand Bahama Shipyard has pledged that a significant portion of the work involved in its $600m investment in two new dry docks will be conducted locally. Carnival’s Grand Bahama port is set to open in 2025, with some 350 jobs expected to be created during the construction phase.

THE TRIBUNE

Monday, October 30, 2023, PAGE 7

LAND REFORM: ‘IT’S NEVER TOO LATE TO DO RIGHT THING’ FROM PAGE B1 enacting these changes will bring The Bahamas into line with almost all other English-speaking countries on land administration.

Besides giving all Bahamians “more certainty” when it comes to land ownership, she added that such a system will also create a land registry that will serve as the only place where persons can research and inquiry as to who a specific parcel of land belongs to, and if there are any liens or other charges secured on it.

Mrs Smith said the need for such reforms had been acknowledged going back to the pre-independence era, and added: “Ever since every administration has made some sort of mention of it, and that in itself is an indication of the good it stands to do for the country because of all the areas and people impacted.

“I think it’s something that’s critical. When we take that step we will further be following pretty much all of the English-speaking

Caribbean countries. We’re one of the few that has not yet implemented land registration; a system of land registration.”

The last Ingraham administration led similar efforts to those foreshadowed in the recent Speech from the Throne more than one decade ago to develop a three-strong package of Bills that would have overhauled the existing system.

These Bills - the Land Adjudication Bill, the Registered Land Bill and the Law of Property Bill - would have created a land registry in the Bahamas, and given commercial and residential real estate buyers greater certainty that they had good title to their properties. However, they were ultimately shelved and no subsequent administration has seen fit to revive them, although the current government’s position is unclear.

Many have referred to the present system as “a lawyer’s dream”, with attorneys earning a set fee - normally equal to 2.5 percent of the purchase price - for conducting

title searches and providing “opinion on titles”. Those not employed in the legal profession find it virtually impossible to navigate the system as structured and perform their own title searches, and Parliament tends to be dominated by the number of attorneys who are MPs and Senators by profession.

Prior to being registered, the ownership of all land parcels in The Bahamas will have to be determined and adjudicated. “The adjudication process itself will clarify a lot of land ownership issues, and establish ownership and rights to each parcel of land in the country,” Mrs Smith told Tribune Business.

“To do it in the context of adjudication, it will be more accessible to most Bahamians because the system will come to people as opposed to people going to the system. The cost can be very expensive. Once a land adjudication system is set up, it makes it more accessible to more Bahamians to establish land ownership rights.

“And once in the registry, it makes ownership more certain. It establishes only one place where you go to look at ownership of a parcel of land, which is the land registry. The system today requires doing a title search that goes back 30 years or to a Crown grant. This eliminates that,” she added.

“The Privy Council has told us ownership of land in The Bahamas is not absolute because we’ve not adopted a system of land registration.

It will make it less costly to transfer land and make land ownership more certain and make it faster to transfer an interest in land. I think it’s brilliant.”

While transitioning to a land registration system, and determining the ownership of all parcels in The Bahamas, will likely take years, Mrs Smith said some areas such as those that have been subdivided into lots and sold to buyers - could move more quickly.

She added that persons would also have better notice of Quieting Titles actions, and whether their

property is affected, under a registered land system.

“Land is capital, and if we are clarifying ownership of the capital it would be wonderful,” Mrs Smith said. “I think the attorney general [Ryan Pinder KC] a few months ago had mentioned a committee of some government agencies that had been working on it.

“It’s brilliant. It’s wonderful, and it’s never too late to do the right thing. It really would be. Successive administrations going back to pre-independence have discussed this. It really would be wonderful to see it come to fruition.”

The Inter-American Development Bank’s (IDB) follow-up report to the Land Use Policy and Administration (LUPAP) project of the early 2000s identified multiple serious deficiencies with The Bahamas’ current system that still have not been fixed more than a decade later.

These included “overlapping claims” to land ownership and rights, meaning that numerous parties

are claiming ownership of the same property, plus “high transaction costs” associated with real estate sales and general uncertainty over land ownership.

Title deeds are not required to be recorded, and there are questionable descriptions of title deeds in the properties that are recorded. This allows the same parcel of land to be sold multiple times using different descriptions.

A land registry would contain all information relating to a specific parcel of land in one database, including its location, dimensions, ownership interests and all encumbrances, such as mortgages and other liens/ charges.

Moving to a such a system - and registration system would remove the need for attorneys to conduct expensive, time consuming title searches that are sometimes prone to error, and move the Bahamian real estate market away from being based on “first to record” title deeds.

The Limitation Act 1995 had also made it easier to remove a documentary title holder if a trespasser enjoys undisturbed adverse possession and use of a property for 12 years or more.

PAGE 8, Monday, October 30, 2023

THE TRIBUNE

‘6,000% important’ ArawakX crowd-fund void filled swiftly FROM PAGE B1 provides an alternative mechanism for solid companies and business plans with “high growth” potential to raise much-needed financing for expansion.

Branding the commercial banks as “too risk averse” when it comes to financing start-ups, entrepreneurs and small businesses, Mr Turnquest told this newspaper there is nothing wrong with crowd funding as an idea and this nation needs such a structure to marry investors with solid corporate prospects that can help create and spread wealth.

“If they are suspended or their licence is revoked by the Supreme Court it’s going to be a tremendous loss,” he added of ArawakX. “They were a major contributor to the collaboration between investor and small business owners who want to grow their business exponentially. It was structured properly to bring owners and investors together, and initially it was successful.

“I had two clients of mine who were getting ready to be investment sources and investor ready to go into the platform this year. One was $12m, one was $5m. I was schooling my two clients. I was finalising their business plans in reference to financials so they could be ready to give their applications in to ArawakX for perusal and all the paperwork.

“Those two clients would become big, large companies if they could get the funding necessary and they’re ready to go.

They’re battle tested, and meet all the requirements for crowd funding. All they needed to do was produce and send the paperwork to ArawakX, so they could do all the checks and balances.”

Mr Turnquest said one of his clients was based in

Nassau, the other in the Family Islands, although he declined to name them. “I was getting them ready to go,” he reiterated. “These guys want millions. They are ready to go, and they are Bahamians ready to go.

It was a big disappointment.

I can tell you one thing: Both of them are serviceoriented organisations.”

Turning to the broader picture, the small business consultant argued that ArawakX needs to be replaced swiftly if it is wound-up for the good of corporate Bahamas, the capital markets and the wider economy’s growth.

“It’s going to be a tremendous loss if they are not in what I call the arena but, of course, the chips will fall where they may,” Mr Turnquest told Tribune Business. “If they are not in the arena, someone has to replace them. It’s not something like FTX where you had monopoly money floating around the place.

You had real money going to real companies.

“ArawakX was just a platform through which investor monies was put into companies, and the companies were responsible for information and financial reporting. When it comes to dividends and all that, the company is responsible; not ArawakX. ArawakX was the platform for collaboration between investor and issuer.

“The void has to be filled immediately if they do go.

It’s very important. It’s 6,000 percent important.

One hundred percent is not enough. I was an advocate for crowd funding for years, and when I say years it was before these people [ArawakX], “ he continued.

“It is a sad day because I was advocating for this for a long time; over ten years. We need something beyond the banking sector,

which has limited risk appetite and involvement in the local business model. They are too risk averse.”

Mr Turnquest argued that the crowd funding’s continuation in The Bahamas, via a formal market structure governed by rules and regulations, is critical to the success and future prospects of companies with “high growth potential” in areas such as manufacturing because it enables them “to grow faster rather than through other means” by pairing their owners with local equity investors.

“It’s worked very well,” he said, “by the number of companies that have raised money successfully, and we need what I call a proliferation of crowd-funding platforms to continue. They must be highly regulated and sustainable, and must have a focus on Bahamian businesses when it comes to development. It’s a must.

“It’s [ArawakX’s fate] a dark cloud. I have different types of businesses - medium-sized, small and start-up - and those companies needing to move from medium-sized to big businesses. There’s many small businesses that are ready to go.

“One of my concepts is not to keep businesses small but to grow them at a sustainable rate. As a small business advocate, I want them to grow big. That comes with preparation, commitment, accountability and financial prudence.”

Four companies met their minimum target equity capital raise via ArawakX, namely Pinnacle Franchise Brands (Red Lobster); Dr Daniel Johnson’s Foot Rx; Tropical Gyros; and Nassau Gas. However, two others failed to meet the required threshold and investor monies had to be returned.

THE TRIBUNE

Monday, October 30, 2023, PAGE 9

PROMOTION G-7 nations back strong supply chains for energy and BOARD CHIEF food despite global tensions TO RECEIVE

By YURI KAGEYAMA AP Business Writer TRADE and economy officials from the Group of Seven wealthy democracies strengthened their pledge Sunday to work together to ensure smooth supply chains for essentials like energy and food despite global uncertainties.

The nations promised to maintain "a free and fair trading system based on the rule of law and enhancing economic resilience and economic security," officials said in a joint statement.

Foreign Minister Yoko Kamikawa, who co-hosted the two-day event in the western city of Osaka, pointed to Russia's invasion of Ukraine and the IsraelHamas war as the latest threats to stable energy and food supplies.

"We nations that share important values have a position of responsibility amid growing uncertainties," she said in closing the meeting, stressing democracy, inclusiveness and human rights.

Worries are growing among developed nations about maintaining a stable supply of computer chips as well as essential minerals, like lithium, which are critical these days amid the demand for electric vehicles and other green energy.

The G-7 includes the U.S., Canada, France, Germany, Italy, Japan and Britain. The European Union, Australia, Chile, India, Indonesia and Kenya were invited to take part in the two-day meeting, as were economic organizations such as the World Trade Organization.

The G-7 nations reiterated their criticism of what they called in their joint statement "Russia's brutal, unprovoked, unjustifiable and illegal war of aggression against Ukraine."

The participants discussed how trade policy can contribute to tackling climate change, strengthening food security, promoting digital trade and working toward sustainable development.

Trade is one sector where growing political tensions

NOTICE

ANTONY ML LTD. Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the Registration Number 203488 B. (In Voluntary Liquidation) Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General on the 21st day of August, 2023.

Dated this 30th day of October, A.D. 2023 MAURICIO ANTONIO FREUA LIQUIDATOR

NOTICE In the Estate of CAROIL BERNICE BULLARD late of #36A 3rd Street, Coconut Grove in the Southern District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas, deceased.

NOTICE IS HEREBY GIVEN that all persons having any claim against the above named Estate are required on or before the 20th day of November, 2023 to send their names and addresses and particulars of their debts or claims to the undersigned and if so required by notice in writing from the undersigned to come in and prove such debts and claims or in default thereof they will be excluded from the benefits of any distributions made before such debts are proved AND all persons indebted to the said Estate are asked to pay their respective debts to the undersigned.

HAILSHAMS LEGAL ASSOCIATES Counsel and Attorneys at Law RENALDO HOUSE 10 Queen’s Highway Palmetto Point, Eleuthera, Bahamas P. O. Box SS 5062, Nassau, Bahamas Attorneys for the Administrators of the above Estate Tel: 242-332-0470 email: hailshams@1stcounsel.com

NOTICE IN THE ESTATE OF OCTAVIO PENALOZA SANDOVAL late of Calle Sur 136 116, Las Aamericas, Alvaro Obregon, Mexico City.

Deceased.

NOTICE is hereby given that all persons having any claims against the above-named Estate are required on or before the 21st day of November A. D., 2023 to send their names and addresses and particulars of their debts or claims to the undersigned in writing or in default thereof they will be excluded from the benefit of any distribution AND all persons indebted to the said Estate are hereby requested to pay their respective debts to the undersigned on or before the date above mentioned.

AND NOTICE is hereby also given that at the expiration of the time period above mentioned, the assets of the late OCTAVIO PENALOZA SANDOVAL will be distributed among the persons entitled thereto having regard only to the claims of which the Executors shall then have had notice in writing.

Dated this 23rd day of October, A. D. 2023 Roberts, Isaacs & Ward, Unit No.2, Cable Beach Court Professional Centre, 400 West Bay Street, Nassau, Bahamas.

with China have been playing out, although China was not directly mentioned in the meetings.

China, while absent at the meetings, loomed as a focal point. China has imposed export curbs on two metals used in computer chips and solar cells — gallium and germanium — that it said were intended to "safeguard national security."

At the G-7 summit in Hiroshima in southwestern Japan earlier this year, participants referred to "economic coercion" in an oblique reference to China's leveraging some nations' dependence for economic items.

That phrase was again used at the Osaka G-7.

As the host nation, Japan focused on how China has banned imports of Japanese seafood after the recent massive release of treated wastewater from the Fukushima nuclear plant, which experienced reactor meltdowns in 2011.

LEADERSHIP AWARD FROM PAGE B2

made major contributions to the Caribbean region and beyond, including heads of regional tourism institutions and pioneering hoteliers.

With a mission of supporting and developing the ability of the media, government and the tourism industry to consider the importance of tourism in sustainable development, CMEx is dedicated to ensuring the people and the environment of the Caribbean region reap the tourism industry’s benefits.

This year’s awards will take place on Saturday, December 2, and the organisation will be working to raise funds for educational initiatives committed to empowering the region’s youth and tourism professionals.

NOTICE

MANADA LTD. Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas.

Registration Number 208260 B (In Voluntary Liquidation) Notice is hereby given that the above-named Company is in dissolution, commencing on the 26th day of October, A.D. 2023.

Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mr. Felipe Martins Guimaraes Bromfman, whose address is 8435 SW 54th CT Coral Gables, FL 33143, USA. Persons having a Claim against the above-named Company are required on or before the 25th day of November, A.D. 2023 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is proved.

Dated this 30th day of October A.D. 2023.

FELIPE MARTINS GUIMARAES BROMFMAN Liquidator

NOTICE CALICO HOLDINGS LTD. Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register ursuant to a ertificate of issolution issued by the Registrar General on the 3rd day of October, 2023.

Jonell Rolle Liquidator of CALICO HOLDINGS LTD.

PAGE 10, Monday, October 30, 2023

THE TRIBUNE

UAW AND STELLANTIS REACH TENTATIVE CONTRACT DEAL AS UNION ADDS STRIKE AT TENNESSEE GM FACTORY

By TOM KRISHER, HALELUYA HADERO AND COREY WILLIAMS Associated Press JEEP maker Stellantis reached a tentative contract agreement with the United Auto Workers union on Saturday as it escalated strikes against General Motors by adding a plant in Tennessee.

The Stellantis deal, which still must be ratified by members, leaves only GM without an agreement with the union. But the union walked out Saturday night at a GM factory in Spring Hill, Tennessee, in an effort to increase pressure on the company to reach a deal.

The Stellantis deal mirrors one reached earlier this week with Ford. The union says the contract also saves jobs at a factory in Belvidere, Illinois, that Stellantis had planned to close.

GM said it was disappointed with the additional strike at the Spring Hill assembly and propulsion systems plant "in light of the progress we have made."

The company said in a statement that is has bargained in good faith with the union and wants to reach a deal as soon as possible.

Spring Hill is GM's largest manufacturing facility in North America with 11 million square feet of building space and almost 4,000 employees. It makes the electric Cadillac Lyriq as well as the GMC Acadia and Cadillac XT5 and XT6 crossover SUVs. A message was left Saturday night seeking comment from the union.

UAW President Shawn Fain confirmed the Stellantis agreement in a video appearance Saturday evening and said that 43,000 members at the company still have to vote on the deal.

About 14,000 UAW workers who were on strike at two Stellantis assembly plants in Michigan and Ohio, and several parts distribution centers across the country, were told to drop their picket signs and return to work. So the agreement will end a six-week strike at

the maker of Jeep and Ram vehicles.

The pact includes 25% in general wage increases over the next 4 1/2 years for top assembly plant workers, with 11% coming once the deal is ratified. Workers also will get cost-of-living pay that would bring the raises to a compounded 33%, with top assembly plant workers making more than $42 per hour. At Stellantis, top-scale workers now make around $31 per hour.

Like the Ford contract, the Stellantis deal would run through April 30, 2028.

Under the deal, the union said it saved jobs in Belvidere as well at an engine plant in Trenton, Michigan, and a machining factory in Toledo, Ohio.

"We've done the impossible. We have moved mountains. We have reopened an assembly plant that was closed," Fain said.

The deal includes a commitment by Stellantis to build a new midsize truck at its factory in Belvidere, Illinois, that was slated to be closed. About 1,200 workers will be hired back, plus another 1,000 workers will be added for a new electric vehicle battery plant, the union said.

"We're bringing back both combustion vehicles and electric vehicle jobs to Belvidere," Fain said.

Vice President Rich Boyer, who led the Stellantis talks, said the workforce will be doubled at the Toledo, Ohio, machining plant. The union, he said, won $19 billion worth of investment across the U.S. Fain said Stellantis had proposed cutting 5,000 U.S. jobs, but the union's strike changed that to adding 5,000 jobs by the end of the contract.

In a statement, the UAW said the Stellantis agreement has gains worth more than four times the improvements in the 2019 contract with the UAW. Through April of 2028, a top-scale assembly plant worker's base wage will increase more than all the increases in the past 22 years.

NOTICE NOTICE is hereby given that ILLANETTE TELUS of P. O. Box N-3876, Allen Drive, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 30th day of October, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE NOTICE is hereby given that JEAN ROSE THOMASof P.O. Box WRIGHT CR55506, #15 Meadows Drive, Victoria Gardens, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 30th day of October, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE NOTICE is hereby given that JEAN ROBERT JOSEPH of P. O. Box SS-5159, Canaan Lane off Shirely Street, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 23rd day of October, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

Monday, October 30, 2023, PAGE 15

STOCK MARKET TODAY

Wall Street falls, bringing the S&P 500 index 10% below its July peak Wall Street falls, bringing the S&P 500 index 10% below its July peak

By STAN CHOE AND DAMIAN J. TROISE AP Business Writers STOCKS stumbled on Wall Street, bringing the S&P 500 10% below the peak it reached in July and putting the benchmark index into what's called a "correction."

The S&P 500 fell 0.5%, or 19.86 points, to close at 4,117.37 Friday and is now 10.3% below its July 31 high of 4,588.96. That marks its 10th loss in the last 12 days.

Stocks have fallen the past three months as investors face the reality of higher interest rates, with Federal Reserve officials talking about keeping rates "higher for longer" and the yield on the 10-year Treasury reaching levels not seen since 2007. Analysts say investors are also concerned nearterm about an escalation of tensions in the Middle East and the strength of company earnings.

The Dow Jones Industrial Average fell 366.71 points,

or 1.1%, to 32,417.59.

The Russell 2000 index of smaller company stocks slipped 20.07 points, or 1.2% to 1,636.94, its lowest level in about four years.

The Nasdaq was the bright spot in the market, gaining ground on the strength of several big technology and communications companies that reported solid earnings.

The index rose 47.41 points, or 0.4%, to 12,643.01.

Amazon rose 6.8% following its profit report.

Both its profit and revenue for the summer were better than expected. As one of the most massive companies on Wall Street, Amazon's stock movements carry huge weight on the S&P 500 and other indexes.

It's one of the "Magnificent Seven" Big Tech stocks that was responsible for much of the stock market's climb early this year. But those huge gains also meant big expectations built for them, and Alphabet, Meta and Tesla all fell sharply following their latest reports.

Intel, which is outside the Magnificent Seven, was also helping to support the market. It rose 9.3% after reporting much stronger profit for the summer than analysts expected.

Those gains weren't enough to counter broad declines in health care, energy and financial services stocks. Investors also dealt with mixed readings on the economy.

Several big companies slipped after reporting disappointing earnings for their latest quarters. Exxon Mobil fell 1.9% after reporting a bigger drop in profits than Wall Street expected.

Chevron fell 6.7% after also falling short of analysts' profit forecasts.

Ford stumbled 12.2% after reporting disappointing earnings and revenue a day after it reached a tentative contract agreement with the United Auto Workers union.

The market has been unforgiving when it comes to the latest round of

corporate earnings, though they have mostly been solid, said Quincy Krosby, chief global strategist for LPL Financial. Analysts polled

by FactSet expect earnings growth of about 2.4% overall for companies in the S&P 500.

"This market has been looking at every single component of what companies are saying," Krosby said. "You could see this is a market that is very careful about rewarding companies."

A mixed set of economic reports didn't appear to change Wall Street's expectations for the Federal Reserve's next move on interest rates.

A report showed that the measure of inflation preferred by the Federal Reserve remained high last month, but within economists' expectations. It also showed spending by U.S. consumers was stronger than expected, even though growth in their incomes fell short of forecasts.

A separate report said that U.S. consumers' expectations for inflation in the coming year are rising, up to 4.2% from 3.2% last month.

That's particularly concerning for the Fed, which fears such expectations could lead to a vicious cycle that worsens high inflation.

The Fed has yanked its main interest rate above 5.25% to its highest level since 2001 in hopes of slowing the economy and hurting investment prices enough to starve high inflation of its fuel. The overwhelming expectation is for the Fed to hold rates steady for its second straight policy meeting, and Wall Street is beginning to prepare for rates to stay high for a long time.

The 10-year yield has been catching up the Fed's main overnight interest rate as the economy remains remarkably solid and as worries rise about how much debt the U.S. government is taking on to pay for its spending.

THE WEATHER REPORT

5-DAY FORECAST

ORLANDO

High: 86° F/30° C Low: 67° F/19° C

TAMPA

TONIGHT

TUESDAY

WEDNESDAY

THURSDAY

FRIDAY

Humid with a couple of t-storms

Partly cloudy and humid

Humid with some sun, then clouds

An a.m. shower; breezy in the p.m.

Very windy; a little rain

Heavy rain, thunderstorm

High: 86°

Low: 76°

High: 85° Low: 74°

High: 85° Low: 76°

High: 82° Low: 77°

High: 83° Low: 75°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

96° F

83° F

95°-80° F

92°-75° F

83°-74° F

80°-79° F

E

W

ABACO

S

N

High: 82° F/28° C Low: 79° F/26° C

8-16 knots

S

WEST PALM BEACH High: 84° F/29° C Low: 73° F/23° C

10-20 knots

FT. LAUDERDALE

FREEPORT

High: 86° F/30° C Low: 72° F/22° C

E

W S

E

W

High: 83° F/28° C Low: 75° F/24° C

MIAMI

High: 87° F/31° C Low: 74° F/23° C

8-16 knots

NASSAU

Today

9:26 a.m.

9:45 p.m.

3.7 2.8

3:05 a.m. -0.2 3:55 p.m. 0.0

ALMANAC

Tuesday

10:13 a.m.

10:33 p.m.

3.5 2.7

3:50 a.m.

4:44 p.m.

0.0 0.2

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 84° F/29° C Low .................................................... 78° F/26° C Normal high ....................................... 83° F/28° C Normal low ........................................ 72° F/22° C Last year’s high .................................. 87° F/31° C Last year’s low ................................... 74° F/24° C Precipitation As of 2 p.m. yesterday .................................. trace Year to date ................................................ 47.87” Normal year to date ................................... 35.09”

Wednesday 11:00 a.m.

11:21 p.m.

3.3 2.5

4:35 a.m.

5:33 p.m.

0.1 0.4

Thursday

11:49 a.m.

-----

3.1 -----

5:23 a.m.

6:25 p.m.

0.4 0.6

Friday

12:13 a.m.

12:42 p.m.

2.3 2.9

6:13 a.m.

7:19 p.m.

0.7 0.9

Saturday

1:09 a.m.

1:37 p.m.

2.2 2.8

7:09 a.m.

8:16 p.m.

0.9 1.0

Sunday

1:10 a.m.

1:35 p.m.

2.2 2.7

7:10 a.m.

8:13 p.m.

1.1 1.0

Forecasts and graphics provided by AccuWeather, Inc. ©2023

High: 84° F/29° C Low: 79° F/26° C

N

KEY WEST

High: 85° F/29° C Low: 76° F/24° C

Ht.(ft.)

SUN AND MOON Sunrise Sunset

High: 86° F/30° C Low: 76° F/24° C

N

S

E

W

7-14 knots

S

6-12 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Low

7:16 a.m. Moonrise 6:31 p.m. Moonset

7:54 p.m.

9:02 a.m.

Last

New

First

Full

Nov. 5

Nov. 13

Nov. 20

Nov. 27

CAT ISLAND

E

W

TIDES FOR NASSAU Ht.(ft.)

ELEUTHERA

High: 86° F/30° C Low: 76° F/24° C

The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.

High

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

N

N

UV INDEX TODAY

TODAY

High: 86° F/30° C Low: 68° F/20° C

The yield on the 10-year Treasury held steady at 4.84%. The swift rise, up from less than 3.50% in the spring to more than 5% earlier this week, has sent prices tumbling for older bonds already trading in the market.

In the biggest picture, the "bond bubble has popped" following years of ultra-low yields, according to Michael Hartnett, investment strategist at Bank of America.

But he also warned that markets can remain stuck in trading ranges for a long time following bubble bursts before making major recoveries, such as Japanese stocks after 1989 or internet stocks after 2000. He said in a BofA Global Research report that bond yields may not have a long-term run back lower until Washington, D.C. gets "serious about fiscal discipline."

In stock markets abroad, indexes were mostly lower in Europe after rising more solidly in much of Asia.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 86° F/30° C Low: 76° F/24° C

High: 85° F/29° C Low: 79° F/26° C

N

High: 86° F/30° C Low: 76° F/24° C

E

W S

LONG ISLAND

TRACKING MAP

High: 85° F/29° C Low: 79° F/26° C

6-12 knots

MAYAGUANA High: 86° F/30° C Low: 80° F/27° C

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 84° F/29° C Low: 80° F/27° C

GREAT INAGUA High: 88° F/31° C Low: 80° F/27° C

N

N E

W

E

W

L

High: 85° F/29° C Low: 80° F/27° C

S

S

6-12 knots

3-6 knots

MARINE FORECAST ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR

Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday:

WINDS NE at 10-20 Knots NNW at 7-14 Knots NE at 7-14 Knots NNW at 6-12 Knots NW at 6-12 Knots WSW at 6-12 Knots NE at 3-6 Knots SW at 4-8 Knots N at 7-14 Knots W at 6-12 Knots NE at 8-16 Knots N at 8-16 Knots N at 6-12 Knots W at 4-8 Knots S at 3-6 Knots NNE at 3-6 Knots NNE at 4-8 Knots WNW at 4-8 Knots SE at 4-8 Knots W at 4-8 Knots NNE at 6-12 Knots WNW at 4-8 Knots NE at 6-12 Knots NW at 4-8 Knots NW at 6-12 Knots WSW at 6-12 Knots

WAVES 5-9 Feet 3-6 Feet 1-2 Feet 0-1 Feet 4-8 Feet 3-5 Feet 3-5 Feet 1-3 Feet 5-9 Feet 3-5 Feet 2-4 Feet 2-4 Feet 0-1 Feet 0-1 Feet 1-3 Feet 1-2 Feet 2-4 Feet 1-3 Feet 4-7 Feet 3-5 Feet 1-2 Feet 1-2 Feet 1-3 Feet 1-2 Feet 1-3 Feet 1-3 Feet

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 80° F 80° F 81° F 81° F 82° F 82° F 83° F 83° F 81° F 81° F 80° F 80° F 82° F 82° F 83° F 83° F 82° F 82° F 83° F 82° F 81° F 81° F 83° F 83° F 82° F 81° F